Accor signs joint Novotel and ibis project in Singapore

Accor has signed an agreement with Oxley Gem Pte Ltd (a subsidiary of Oxley Holdings
Limited) to manage two new-build hotels in Singapore: Novotel Singapore on Stevens and ibis Singapore on Stevens. The hotels, being developed as part of a
combined project in the heart of Singapore, are expected to open by the end of
2016 and will add 782 new rooms to Singapore’s tourism infrastructure. When it
opens it will be the Accor’s largest hotel development in Asia Pacific.

“Accor
is proud to announce the signing of two new hotels in Singapore, adding
exciting new midscale and economy options for travellers to this vibrant city,”
said Michael Issenberg Accor’s Chairman and Chief Executive Officer, Asia
Pacific. “Accor is pleased
to work with Oxley Holdings Limited, one of the leading lifestyle property
developers in Singapore in developing these two hotels by 2016, which will
bring our total Singapore portfolio to nine hotels.”

Oxley
Holdings Limited is a lifestyle property developer engaged in the development
of residential, commercial and industrial projects typically located in choice
areas that are easily accessible and feature prominent lifestyle elements.

Ching Chiat Kwong,
Executive Chairman & CEO of Oxley Holdings Limited,“This project marks Oxley’s maiden venture into the
hospitality business and we are looking forward to seeing it take shape. Accor has a proven track record in building
Novotel and Ibis into very successful brands worldwide, and we are excited
about working with them on this milestone project.”

Novotel Singapore on Stevens is scheduled to open with 254
rooms with food and beverage outlets, a swimming pool and fitness centre,
meeting facilities that includes a 500 seat Ballroom and meeting rooms.

Ibis Singapore on Stevens will have 528 rooms, and
feature a lobby bar /café and gymnasium. The hotels are centrally located, a
few minutes by car from Orchard Road and with easy access to the expressway
linking the hotels to the CBD and Changi International Airport.

Novotel and Ibis are two of Accor’s
most successful hotel brands, with a combined network of over 1400 hotels
globally and more than 300 in Asia Pacific. The ibis economy brand has expanded
continuously and has a network of 1000 hotels in 59 countries, delivering modernity, simplicity and great value to
guests around the world. The Novotel mid-scale brand offers 400 hotels and
resorts in 60 countries, situated in the center of major international cities
from business districts to tourist destinations. Both brands are renowned for
constantly innovating and these new Singapore hotels will be key additions to
the network.

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Nearly 45 years, Accor has constantly reinvented its businesses to keep pace with the world around it, with the goal of providing innovative, high-quality products.

For nearly 45 years, across all brands and regions, Accor’s five core values of innovation, a spirit of conquest, performance, trust and respect have been shared and expressed every day by its160,000 employees in Accor brand hotels worldwide. Managers leverage these values to provide support for team members as part of the Group’s ongoing transformation and development.